Payroll-deductible loans have become a much-desired form of credit, especially for the ease of installment and obtaining, not to mention affordable interest rates.
However, there are still many doubts and confusion about who can benefit from this loan modality. There are basic approval criteria that not everyone is entitled to this benefit; The unemployed, for example, do not fit the requirements because they have no proven income.
To answer any questions, we have prepared this special text so that you understand who is entitled to make a payroll loan.
Who can make a payroll loan?
Generally speaking, to get a payroll loan you need to have a proven, guaranteed, fixed income. Those who meet this requirement are INSS civil servants, pensioners and retirees, and private sector employees with a formal contract.
Those who receive sickness benefits because they are temporarily out of service, for example, do not fit the payroll rules because they are only an INSS insured but are not retired and the benefit can be withdrawn. In the same way, informal workers without a formal contract also cannot get payroll loans because they have no proof of income.
In addition, in the case of employees of private companies, the company in question must be affiliated with the bank. Here at our lending company we only work with private workers and we have agreements with several companies in the sector, offering great rates. To let the employee know if your company is one of them, you can find out in the Human Resources (HR) department of the company.
If you were interested and would like to know more about payroll loan check out other articles from our website. If your company is not yet a member, you are missing out on giving your employees the ease of a home loan, right through our website. It’s very easy.
How does payroll loan work?
This type of credit is quite easy to achieve because it does not involve as much paperwork as other types of loans. The main requirement is to have a proven source of income and to find a financial institution that has agreement with the company you work for.
Employees will need to present some personal documents and proof of income. The installments are discounted on the payroll, that is, every month they will be deducted directly from the salary, ensuring easier and avoiding forgetting that could result in fines and interest.
Another advantage is that even people with a dirty name can benefit, precisely because the rebate is directly paid, establishing a guarantee that the bank or finance company will receive the installments, even if the applicant has other debts.
The total amount of the payroll loan cannot exceed 35% of your salary or benefit, and 5% can only be used to pay off credit card debt. Upon approval of the order, the money quickly falls into account!
If you are a human resources manager and want to offer this benefit to your employees or if you work in the private sector with a formal contract and are in need of money, contact our lending company now!